Suneeta Reddy, promoter and managing director in Apollo Hospitals Ltd., has offloaded a 1.3% stake in the hospital chain via a block deal.

About 1.9 million shares were sold at a floor price of ₹7,850 apiece, valuing the sale at ₹1,489 crore, according to an exchange filing on Friday. The price is a near 1% discount to Thursday’s close.

Reddy held a 3.36% stake in the company as on 30 June.

The large shareholders’ group—known as ‘promoters or promoters group’ in India—will reduce their stake to 28% from 29.3% currently, Apollo Hospitals said in the exchange filing. The proceeds will be used to reduce outstanding debt of the promoter group. There are no plans to reduce the stake further.